Finally rally continuation with new life time high formations
Technical Analysis,Research & Weekly Outlook
(Apr 30 to May 03,2019)
Nifty-EOD Chart (26-Apr-2019):- |
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1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Corrective Wave 2 beginning after Wave 1 completion at 8968.70 on 07-09-2016
3- Impulsive Wave 3 beginning after Corrective Wave-2 completion at 7893.80 on 26-12-2016
4- Corrective Wave 4 beginning after Wave 3 completion at 11760.20 on 28-08-2018
5- Impulsive Wave 5 beginning after Corrective Wave-4 completion at 10004.55 on 26-10-2018
6- Impulsive Wave-5 continuation with new life time top formation at 11811.15 on 18-04-2018
Previous 19 Sessions intraday charts analysis
Nifty-Intra Day Chart (Mar 29 to Apr 26,2019):- |
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1- 19 Sessions sideways trading with lower levels supports and higher levels resistances
2- Supports between 11550-11611(Immediate Supports)
3- Resistances between 11754-11811
4- 19 Sessions actual trading between 11550-11811
Intra Day Chart Analysis(26-04-2019)
Nifty-Intra Day Chart (26-Apr-2019):-
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1- More than 4 hours consolidation between 11662-11693
2- Sharp up moves
3- Whole day actual trading between 11662-11762
Conclusions from EOD chart analysis
1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 11550-11811 for the last 19 Sessions
Rally is very much on and no signal of its completion yet but Short Term Trend is sideways between 11550-11811 for the last 19 sessions therefore finally sustaining it beyond will confirm next big moves which should be firstly watched in next month.
Conclusions from 19 Sessions intra day chart analysis
Last 19 Sessions like big sideways trading between 11550-11811 is suggesting that Indian markets are preparing for next big moves. As lower levels supports and higher levels resisatnces have also developed within this range therefore nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week.
Conclusions from intra day chart(26-04-2019) analysis
As firstly More than 4 hours consolidation between 11662-11693 and after that sharp moves and intraday selling was not seen therefore expected that last Friday started rally will remain continued in the beginninng of next week.
Conclusions (After Putting All Studies Together)
Finaly sustaining beyond last 19 Sessions trading range(11550-11851) will confirm next big trend which will be seen in next month just before or after Parliamentary Elections 2019 results date(23-05-2019)
In fact Indian markets are preparing for post Election results next decisive moves within 11550-11811 and it will take its own time but expected that finally rally with new life time high formations will remain continued after follow up consolidation in the coming sessions.